Stocks close little changed as tech shares and Ford weigh on the market; European stocks erase earlier losses to close slightly higher
Stocks ended the day little changed on Tuesday, weighed down by a continuing decline in tech shares while Ford was pressured by a downgrade to its credit rating. The S&P 500 closed just above the flatline at 2,979.39. The Nasdaq Composite closed marginally lower at 8,084.16. The Dow Jones Industrial Average outperformed, rising 73.92 points, or 0.3% to 26,909.43, posting a five-day winning streak.
Ford Motor fell 1.4% after Moody’s downgraded the auto maker’s credit rating to junk status, citing below-expectations profit margins and cash flow.
European stocks traded flat Tuesday with investor focus attuned to an impending meeting of the European Central Bank (ECB), with markets cautiously hopeful of a monetary stimulus package later this week. The pan-European Stoxx 600 pared early losses to trade 0.07% up by the close, technology stocks slipping 1.1% while the banks and oil & gas stocks both gained 2.1%.
In corporate news, Deutsche Bank CFO James von Moltke said on Monday that the German lender’s overhaul was not impacting its investment banking revenue as negatively as anticipated, adding that he was “quite encouraged” by developments to date.
KMBN: Bids for sale of shares of Komercijalna Banka opened – Second selection phase in November
The non-binding bids sent within the first phase of the tender for the sale of state-owned shares of Komercijalna Banka were opened at today's session of the Tendering Commission of the Ministry of Finance of Serbia. The Tendering Commission determined that four bids had been sent within the deadline defined in the documentation, it is announced on the ministry's website. The bids which qualify will be ranked in line with the criteria defined in the documentation and the bidders will be notified of the ranking. These bidders will then be allowed to perform additional and through analysis of the bank's operations. The binding bids should be made in mid-November 2019.
Minimum wage in Serbia to be RSD 30,022 from 2020
The minimum wage in Serbia will be increased by 11.1% next year, that is, from RSD 155.3 to RSD 172.5 per hour, Serbian Finance Minister announced today. The Government of Serbia has given a proposition for the minimum wage to increase by 11.1% from RSD 155.3 to RSD 172.5 per hour, that is, from RSD 27,022 to RSD 30,022 – Mali said at the press conference held at the Government of Serbia after the session of the Social-Economic Council of Serbia, it is said on the ministry's website. The representative unions had asked for the increase to amount to around 24.5%, whereas the Serbian Association of Employers considered an increase of 6-10% realistic.
Serbia attracts 1.9 bln € worth of FDI in first half of 2019
Following a Financial Times report identifying Serbia as the country with the most FDI in the world relative to its GDP, the National Bank of Serbia (NBS) says the inflow of such investment totaled 1.9 bln euros in the first six months of this year, Blic reports. That is 30% more than in the same period last year, or 9% of the country's GDP, the NBS said. The FDI inflow is sufficient to fully cover the current payment balance deficit, it said.